Why Non-Residential Building Operation Firms Need Business Insurance

Businesses in the field of non-residential building operation face unique risks. They’re responsible for managing high value real estate, the contents of those buildings, and the safety of tenants and employees on those sites. You may also manage real estate documents, such as service contracts and lease agreements. The specialized risks you face in your industry come on top of the typical issues most small businesses get insurance for like property damage to your office or loss of important files and records. Learn about the coverages building operators typically need, and most often purchase, from The Hartford.

Business Owner’s Policy

Most non-residential building operators need a Business Owner’s Policy (BOP) to protect their business. It helps cover a building operations or building management business in much the same way a homeowner’s insurance policy can help cover your home and personal possessions.

By combining three basic insurance coverages that are important to virtually every small business, including non-residential building managers and operators, a Business Owner’s Policy can help save you money while safeguarding the non-residential building operations business you’ve worked so hard to build.

General Liability – helps protect building operators from certain lawsuits alleging injuries or property damage that occurred as the result of your business operations, like if a prospective tenant t is injured at your office, or if you or an employee damages a tenant’s property. Business Liability does not cover liabilities directly arising out of the professional services you may provide.

Commercial Property – helps protect the place where you do business and the tools and equipment you use to conduct business, like computers, file cabinets, and office furniture – whether you own or lease them.

Business Income – helps cover the loss of income when you can’t run your building operations business because of covered property damage.

Non-residential building operators rely on power and communications utilities to operate. Business Income for Off-Premises Utility Services Coverage (OPUS) covers loss of income caused by interruptions in utility services beyond your control, such as when a storm downs power lines and electrical and water service is not available. Unlike most other insurance companies’ offerings, OPUS coverage from The Hartford starts as early as 12 hours from initial interruption of utility service.

With OPUS, non-residential building operations businesses can get insurance that provides power interruption protection and safeguards their income against outages of other utilities as well.

As a non-residential building operator, you create and store a multitude of documents and records, including lease contracts, service agreements, change orders, financial affidavits and more. Imagine the impact if there was a fire in your office and the water used to put it out damaged tenant and building maintenance records. Valuable Papers and Records coverage can help pay to reproduce these important documents.

Have you ever borrowed a vehicle for business to meet with a prospective tenant, pick up office supplies, drive to a building under your supervision, or more? Unlike most personal auto insurance policies, Hired & Non-Owned Auto Coverage covers you when a borrowed, leased or rented vehicle, used for business purposes, is involved in an accident.

For businesses without owned or long-term leased vehicles that would need to be covered on a Business Auto policy.

It’s easy to increase your non-residential building operations Business Owner’s Policy protection at an affordable price with The Hartford’s Stretch® endorsements that bundle valuable, key insurance coverages. For non-residential building operator businesses we offer:

Basic Stretch

Building Stretch

Super Stretch for Business Services

Contact an agent or a representative from The Hartford about these cost-effective solutions that help take the guesswork out of selecting the right small business insurance coverage for your non-residential building operator business.

Additional Solutions

If you have employees, use a car for work, or work from home, your non-residential building operator business may also benefit from:

Other Important Insurance Options for Non-Residential Building Operators

Workers’ Compensation Insurance is required by most states and provides benefits to employees of your non-residential building operations business for work-related injuries or illnesses. Benefits include medical care, wages from lost work time, and more.

And if an employee’s family decides to sue you, our Workers’ Compensation insurance coverage can help with related legal fees. Non-residential building operators are among the many business owners that have been turning to The Hartford for workers’ comp coverage for more than a century.

Do you use your own car for work related activities such as purchasing office supplies, visiting buildings under your management, dropping off real estate documents, or more?

A Business Auto Policy provides coverage generally not included in a personal auto insurance policy. It can help cover you or an employee of your business when an owned vehicle, used for business purposes, is involved in an accident.

If you run your building operations business out of your home, you probably want a Business Owner’s Policy (BOP). A BOP provides coverage not generally available with a homeowner’s insurance policy.

Ask yourself, “Do I have tenants come to my home, do I keep business files or equipment at my house, do I accept business deliveries or business mail at my home, or have business inventory or employees at my home?” If so, your agent or a representative from The Hartford can help you select the right coverage to protect your business.

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The coverages and services described herein are summaries only. All policies should be read carefully to determine exclusions, limitations and other terms and conditions. In the event of a conflict, the terms and conditions of the policy will govern. All coverages and services may not be available for all businesses or in all states. Please contact your agent or broker for details.